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Eight Alums Raised More Than $292 Million in Q2 2024

Eight Alums Raised More Than $292 Million in Q2 2024

“A little better all the time?” Can we use that classic refrain from Lennon & McCarthy to describe the performance of fintech companies seeking funding in the second quarter of 2024?

Most broad-based surveys of fintech funding for Q2 2024 have yet to be published. But, for our Finovate alums, “a little better” aptly describes the difference between Q2 of this year and Q2 of last. Our Finovate alums raised more than $292 million in the second quarter of this year, an increase of nearly 40% over last year’s Q2 mark. The accomplishment was completed by fewer alums this year compared to last, as well.

Previous quarterly comparisons

  • Q2 2023: More than $209 million raised by 10 alums
  • Q2 2022: More than $984 million raised by eight alums
  • Q2 2021: More than $2.8 billion raised by 14 alums
  • Q2 2020: More than $975 million raised by 15 alums

That said, the relatively low funding levels of the past two years are indicative of the broader slowdown in funding that fintechs have been experiencing of late. Again, we are looking forward to seeing some more reports from the field on fintech funding for the past few months, writ large. But, for now, the post-COVID retrenchment in fintech funding continues.

Top Equity Investments

  • Blend: $150 million
  • FintechOS: $60 million
  • SpyCloud: $35 million
  • Hawk: $30 million

The biggest alum fundraising of the quarter was the $150 million reeled in by Blend. A digital lending platform based in San Francisco, California, Blend made its Finovate debut at FinovateSpring 2016 and also participated in our developers conference, FinDEVr SiliconValley 2016. With total capital of $815 million, according to Crunchbase, Blend began this year with news that the publicly-traded company would join the Russell 2000 index.

Also noteworthy among fundraising alums in Q2 of 2024 was the $60 million secured by FintechOS. Headquartered in London, U.K., FintechOS offers a low-code platform that enables banks, insurers, and other financial services companies deliver a range of digital financial experiences for their customers. The company made its Finovate debut in 2021, demoing Sunglow, its Super App for Banking.

FintechOS has raised more than $151 million in funding. In February, the company reported year-over-year revenue growth of 40% for 2023.

Here is our detailed alum funding report for Q2 2024.

April: More than $43 million raised by two alums

May: More than $150 million raised by two alums

June: More than $99 million raised by four alums

If you are a Finovate alum that raised money in the second quarter of 2024 and do not see your company listed, please drop us a note at We would love to share the good news! Funding received prior to becoming an alum not included.

Photo by Pixabay